China, Pakistan ink pacts ahead of B&R summit; Xi says ties priority

Posted - May 17 201709:11

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China, Pakistan ink pacts ahead of B&R summit; Xi says ties priority

The pacts were signed in the presence of Pakistan Prime Minister Nawaz Sharif and Chinese Premier Li Keqiang ahead of the much-publicised Belt and Road (B&R) Forum beginning tomorrow. But he said India believes that "connectivity initiatives must be based on universally recognized global norms, good governance, rule of law, openness, transparency and equality".

However, China, the sponsor of the project, has paid no heed to India's repeated objections. Nineteen of those countries are located across Chinese "One Belt One Road" initiative.

Nawaz said that "with the help of our Chinese friends an environment had been created for the China-Pakistan Economic Corridor to take off and has started to create new entrepreneurs, jobs and businesses". OBOR, the worldwide community is well aware of India's position.

He said Pakistan believes that the most powerful impact of OBOR will be on the lives of poor and marginalised people who would have higher incomes, better education and health facilities.

He said the Gwadar port would link up East, West and South Asia, besides reaching out to African and European markets. Sino-Pak friendship is deep rooted and China will take all possible measures to make Pakistan stronger on economic front.

The two sides focused on increasing trade between Pakistan and Belarus and emphasised on exploring their investment potential in diverse fields particularly agriculture, culture and education sectors.

The Foreign Ministry statement also says "Expansion and strengthening of connectivity is an integral part of India's economic and diplomatic initiatives".

Many of them would be completed before their timelines.

Though Jadhav has said that he was in the region for business, Pakistan claims that he is a member of the Research and Analysis Wing (RAW).

The International Monetary Fund is forecasting 5 percent economic growth for the year to June 2017 but says this could improve to 6 percent in the medium term with CPEC-related investments.

"The CPEC is a core component of your visionary initiative of the One-Belt-One-Road project. It is also fully compatible with our own vision 2025 which invests our own resources in multiple corridors of regional cooperation including energy, industry trade and transportation".

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